Claims processing is an important business function for Insurance companies, public entities and risk managers. The claims have to be handled timely to ensure quick settlement leading to customer satisfaction. Claims processing software is beneficial as it helps to effectively manage and analyze information relating to claims. This software helps to automate the entire system of claims management by reducing the settlement time and enhancing the customer service. It provides faster and intuitive access to data records which help in making effective decisions.
Functions of Claims Processing Software
The claims processing software is an effectively designed to house complex data, notes, diaries and financial reporting. It performs the following functions:
Increase Effectiveness Of Managing Claims
This software manages the entire process starting from First Notice of Loss (FNOL) to final settlement. The software can easily capture appropriate information, document file activity, and maintain reports and correspondences relating to claims. The software provides faster access to data and helps employees to operate with efficiency. This software also allows tracking of claim processes performance resulting in improved process visibility. This increases the effectiveness of managing claims as they are quickly finalized and decisions are made faster. Various analytical tools in the software further increase the effectiveness of claims management.
· Easy Documentation And Maintenance Facility
The claims processing software allows for documenting all file activity pertaining to claims. The reports and correspondences pertaining to claims are also maintained by the software document depository. All transactions are properly documented and stored which is useful for future reference.
· Integration With Other Software Products
The software allows easy integration and supports other software products and office applications like Microsoft Word or Microsoft Excel and even Outlook. Easy integration allows export/transfer of claims data, reports, and correspondences to other software. Easy integration allows efficient and faster claim handling.
Advantages of Claims Processing Software
The claims processing software helps to effectively organize the entire claims processes. Some of the advantages include:
· Reduces Administration And Errors With Manual Systems
The earlier systems of claims processing included manual systems where paper files were used to document everything. The claims software has automated the entire process of claim management reducing the need for administration required in manual systems. Even, as the entire process is automated the chances of occurrence of human error have been significantly reduced. Workflow processes and waypoints are automated.
· Remote Accessibility And Confidentiality
This software allows easy remote accessibility to know the status of claims processes. The SQL database software supports Internet browser and other latest technologies to ensure secure remote accessibility. As the software handles sensitive personal and financial data of the claimants, it is important to keep it confidential. The data is kept confidential by ensuring filtered access rights, VPN and SSL Encryption.
· Increases Productivity In Processing Claims
The claims processing software significantly eliminates the amount of time and labor involved in processing claims resulting in increased claim volume. The reduced claim processing time makes it easy for employees to quickly respond to customer queries. The software provides good visibility of the claim process which enables the users to make improvements and use enhanced resources to provide better results. The software also provides effective user friendly interface with contact sensitive help instructions and tutorials for various features which makes it easy to learn quickly.
· Highly Secure
The claims information is kept secured and safe with the use of encrypted data and multi-level access passwords. Only those with user ID and password are authorized to access the system thereby eliminating the chances of unauthorized access. The user activity is constantly tracked to ensure a secured network.
The claims processing software can help the insurance companies and risk managers to reduce exposure, increase employee productivity, reduce the claim processing cycle time, and provide better customer service. The claims software helps insurers and risk managers to enhance the quality of service which gives a competitive edge over other companies.